Does Installing a Pool Add Value to My Home?
Building a pool is kind of like buying a fancy car. You make the purchase mostly for your own enjoyment, not necessarily for an investment.
That being said, some buyers will love your home and absolultey pay more for it because there’s a pool; others will not even consider your home because they don’t want to deal with the maintenance and safety issues. You never know, so the motivation for building a pool should always be personal, not financial. If you can afford a pool and it’s for your own enjoyment, go for it. It may pay off for you.
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Is It Even Possible That a Pool Will Add Value?
Yes, in some cases. If you live in climate with warm weather year round, and if most of the homes in your neighborhood have pools, not having one could make your homes less desirable to buyers. In very high-end communities with homes priced in the millions, pools are pretty much expected. If resale value is an important part of your decision, talk to local real estate agents about how buyers react to homes with pools before building.
But again, there are no guarantees when it comes to potential buyers, so building a pool is almost never advisable if you’re looking at it purely as an investment. It’s also not a good idea in most cases if you’re planning to sell anytime soon.
There are some things you can do if you are planning to build a pool to ensure the best possible return on investment:
- Don’t overdo it - An Olympic-size swimming pool, an infinity pool or a custom heart-shaped pool with a lagoon might be impressive, but you’ll only get a fraction of what you spent at resale. Unless you live in a very high-end neighborhood, you’ll probably want to build a pool in the mid-range of $20,000-$40,000 to minimize losses. You won’t make all or even most of that money back, but you may recoup some.
- Build for the neighborhood - Similarly, if you live in a neighborhood where most homes have pools, opt for a pool with a similar size and style to those of your neighbors. If you put in an above-ground pool and everyone else has in-ground pools, you might hurt the resale value, and vice versa.
- Don’t cut too many corners - While it’s important to keep the pool within your budget and appropriate for the neighborhood, you also don’t want a pool that looks cheap. That can be a deal breaker for buyers who do want a pool. Hire a reputable builder, invest in an attractive pool surround and keep the pool well-maintained. There are attractive pool surrounds and landscaping materials that won’t break the bank.